NVDA isn’t the only game in town, let’s look at Micron $MU – June 10, 2024
This is Scott with StockMarketMentor.com and your Chart of the Day. I want to take a look at Micron Technology ( NASDAQ: MU ).
There is a ton of chatter about NVIDIA ( NASDAQ: NVDA ), and for good reason. NVIDIA ( NASDAQ: NVDA ) has been the semiconductor stock for the ages. This has been the stock to be involved in. Today is the first day that it’s trading with its 10:1 split, but there are a ton of other semiconductors that are looking really good.
Arm Holdings ( NASDAQ: ARM ) is one of them, and Micron ( NASDAQ: MU ) is the one I want to focus on today because this was just added to Dan’s Active Trade List. Dan Fitzpatrick has been picking stocks successfully for years, and this one was just added to our list today at StockMarketMentor.com.
I definitely think this stock is still actionable. It’s in a well-defined uptrend, above all the major moving averages. Today it broke over a clear long base of consolidation, and did it on a slight pickup in volume. It doesn’t look like this is too extended, though it is a bit high above the 8-day.
I think this stock is still actionable, whether you want to play a momentum trade with a move above 135.60. Or look for a pullback to the 8-day exponential period moving average. Those have been buyable for the past month and a half or so. So keep an eye on Micron ( NASDAQ: MU ).
I definitely think this stock is still actionable. Just keep in mind that they do have earnings coming up in a couple of weeks. So you have a good 2-weeks to see if this trade works out, and then if you don’t have a cushion leading into earnings, you can kick it to the side and wait for it to set up again.
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